Silver Elephant Mining Corp announces that a 2,300-meter drilling program has commenced at its 100% owned Sunawayo silver lead zinc project ("Sunawayo") in central Bolivia. It is the first-ever drilling campaign in history at Sunawayo, acquired by Silver Elephant in September 2020. Since that time the Company has collected over 900 samples along an 8 km strike length. Over 86% of those samples returned silver assay results grading from 1 g/t to 458 g/t. These results demonstrate extensive near-surface silver mineralization at Sunawayo.
Category: Business
Information regarding the business sector.
Inti Raymi denounces the judicial obligation to pay 21 workers, and the right to defence is restricted
The Inti Raymi Mining Company (Emirsa) made a public statement denouncing that the courts are forcing it to hire 21 workers who are not working, and said that in a recent ruling a court limited their right to defence. Emirsa explains that five years ago, it closed down its production activities because the deposits were exhausted, and since then it has only been working on environmental closure. During this time the company has paid over Bs 21 million ($3 mn) in wages to workers despite not working.
Quantum will open a shop in Paraguay and plans to sell 90 electric vehicles per month
After a market study, Quantum Motors, a company from Cochabamba, decided to open a Paraguay branch, where it plans to sell 20 cars and 70 electric motorbikes per month. Quantum will be the first formal company to enter the electric vehicle business in Paraguay. In 2020 in Bolivia it managed to sell 400 motorbikes and 300 electric cars, mainly in Santa Cruz and Cochabamba.
FCA carried 34% less cargo than projected in 2020 due to COVID-19
Empresa Ferroviaria Andina SA (FCA SA) had planned to transport 1.1 million tonnes of cargo last year, but due to the COVID-19 pandemic it only met its target by 66% (722,000 tonnes). The figures show that the company stopped transporting 378,000 tonnes (34%) of cargo, both exports and imports.
Echo Energy signs cooperation agreement with leading Bolivian energy company, GTLI
Echo Energy signed a cooperation agreement with GTL International S.A, a majority owned subsidiary of the Bolivian company UruboCorp focussed on energy production and supply in Bolivia and with interests in both the hydrocarbon and renewables sectors. Cooperation between the Company and GTLI on any specific projects identified remains subject to, inter alia, the negotiation and entry of binding agreements and Echo will focus on any opportunities that meet its stringent profitability and positive cashflow criteria.
Aesa Ratings rates Banco de Crédito BCP as the best in the financial system
AESA Ratings ranked Banco de Crédito (BCP) as the best in the Bolivian financial system. AESA assessed BCP's short and long term variables, both in local and foreign currency, giving it a stable perspective.
The government pays $22.2 mn debt to Doppelmayr
The government paid the Doppelmayr company a debt of $22.2 million and the Austrian firm withdrew the arbitration case it had filed against the state-owned company Mi Teleférico.
Intercontinental ships first zinc-silver concentrate from Bolivia, up to 420 tonnes
Canada’s Intercontinental Gold and Metals (TSXV: ICAU) announced that it has completed the first zinc-silver concentrate shipment from its toll processing facility in Bolivia. The commodity trading firm said that the initial shipment added up to 420 tonnes of zinc-silver concentrate. The zinc concentrate graded in excess of 50% zinc and over nine ounces of silver per tonne with no material impurities or penalties.
EIG sells stake in Brazil-Bolivia pipeline, wants to bid for 51% of Petrobras assets
EIG Global Energy Partners has sold to Fluxys Belgium a portion of South America’s biggest natural gas pipeline, clearing a regulatory obstacle to buying a bigger share of the Brazil-Bolivia duct, EIG’s CEO said. U.S.-based EIG wants to bid for the 51% stake in the pipeline owned by Brazil’s state-run oil company Petrobras, Chief Executive Blair Thomas told Reuters, as part of a wider move to into the country’s growing natural gas industry.
Fifth Addendum with Argentina allows Bolivia to sell gas for $4.51 per million BTU in January
Yacimientos Petrolíferos Fiscales Bolivianos stated that the price agreed for the signing of the Fifth Addendum, of the Natural Gas Purchase Agreement signed with Integración Energética Argentina S.A. (Ieasa), has a composition of international Fuels Oils basket indicators associated with the price of WTI and Henry Hub plus an additional premium of $2.25. The price for January 2021 is $4.51 per million BTU.
